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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| London Mining | LSE:LOND | London | Ordinary Share | GB00B1VZK334 | ORD 0.2P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.70 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Feb 2020 to Feb 2025
By Alex MacDonald
LONDON--Sierra Leone iron ore producer London Mining PLC (LOND.LN) said Monday it has entered into a dispute with Glencore PLC (GLEN.LN) over a cash prepayment that the commodities trader has refused to pay.
This has prompted the U.K.-listed miner to enter discussions with its core lender to provide short-term liquidity in the event the dispute can't be resolved.
At 0752 GMT, the company's shares were down 11% at 23 pence a share. The company's shares have fallen nearly 80% since the beginning of the year due to a slump in the iron ore price, which has raised concerns about its ability to service its debt burden. The company also said last month that the ebola outbreak in Sierra Leone has affected its supply chain, prompting the company to guide toward the lower end of its previous full-year output target range.
The U.K.-listed miner said it is considering its options with Glencore, including terminating the commercial off-take agreement. The agreement envisaged selling 9.5 million wet metric tons of iron ore over a five year period to Glencore at a pre-determined price in exchange for a pre-payment facility of up to $27 million. The agreement is due to expire in the first quarter of 2017.
London Mining said it has separately signed an agreement with Afreximbank for a $30 million revolving two-year pre-export financing facility on similar terms to those for London Mining's original corporate facilities. The facility is subject to approval from the company's other lenders and therefore may not be secured in time to help with its refinancing needs.
The company said it continues to receive "strong interest" from other companies willing to enter a pre-payment offtake agreement should it be unable to resolve its dispute with Glencore.
London Mining also said it is accelerating discussions with potential strategic partners as part of its effort to reduce debt and fund its growth plans.
-Write to Alex MacDonald at alex.macdonald@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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